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of period Units started during the period Total units to account for Units completed during the period Units in Work in process end of period Total units accounted for 2,000 12,000 14,000 10,000 4,000 14,000 Equivalent units Direct Conversion materials 10,000 10,000 4,000 14,000 Costing Direct materials Costs in Work in process beginning of period Costs incurred during period Total cost to account for Cost per equivalent unit Cost of Goods completed Cost of Work in process end of period Total cost to account for 6,000 50,000 56,000 4.00 40,000 16,000 56,000 Conversion 4,000 20,000 24,000 2.00 20,000 4,000 24,000 Total 10,000 70,000 80,000 6.00 60,000 20,000 80,000 2,000 12,000 100% 100% 100% 50% Percentage of completion Direct Conversion materials
Units completed during the period Units in Work in process end of period
Process Costing: first in first out method single stage Percentage of completion Unit flow during period Units in Work in process beginning of period Units started during the period Total units to account for Units completed from beginning WIP Units completed during the period Units in Work in process end of period Total units accounted for 2,000 12,000 14,000 2,000 8,000 4,000 14,000 Equivalent units Direct Conversion materials 0 1800 8,000 4,000 12,000 8,000 2,000 11,800 100% 100% 100% 50% Direct Conversion materials 100% 10%
Units completed from beginning WIP Units completed during the period Units in Work in process end of period
Costs in Work in process beginning of period Costs incurred during period Total cost to account for Cost per equivalent unit WIP beginning Cost to complete WIP beginning Cost of goods completed from beginning WIP Started and completed this period Cost of Work in process end of period Total cost to account for
Costing Direct Conversion Total materials 6,000 4,000 10,000 50,000 56,000 4.17 6,000 6,000 33,333 16,667 56,000 20,000 24,000 1.69 4,000 3,051 7,051 13,559 3,390 24,000 70,000 80,000 5.86 10,000 3,051 13,051 46,893 20,056 80,000